After the COVID-19 vaccine... What will define success in the financial services new normal?
In the new normal, success means heeding your customers’ needs.
As the COVID-19 pandemic casts its long shadow over yet another year, we are forced to accept that the new normal is here to stay. That’s why the Capgemini Research Institute is continuing its series of research notes with pragmatic guidance on how organizations can take action on the things that matter.
In April 2020, we looked at how the pandemic was changing customer behavior in the financial services industry. Now, we wanted to understand more about these emerging and long-term trends. That’s why in November 2020, for our latest research note: After the COVID-19 vaccine…What will define success in the financial services new normal?, we spoke to 11,000 consumers from 11 countries and analyzed the views of 1,000 senior executives (May–June 2020) to understand how customer sentiment is evolving and how firms can succeed while they continue to support and reinforce the world’s social and economic fabric.
We found that although consumers are using digital channels more, they still consider physical channels to be significant. In fact, 40% made an in-person visit to a bank or insurance branch once lockdown restrictions were eased. At the same time, they are focusing on well-being and financial stability and looking for new modes of interaction, for instance robo-advisory. Finally, consumers are becoming more mindful of sustainability; nearly half would invest in assets with a positive societal impact despite lower returns. Financial services organizations should heed their customers’ needs by adopting a more data-driven and fully digital personalized approach and by identifying new opportunities to make their mark in the post-COVID-19 world.
As we navigate this unprecedented crisis together, we hope that these research notes offer compelling insight into the new normal in a post-COVID world. For more information, contact us. Most importantly, be well and focus on what matters to you.